Biden Infrastructure Plan Includes NMTC Permanency, Restoration of ITC
Democratic presidential candidate Joe Biden today released a plan to invest $1.3 trillion in infrastructure over 10 years, including permanence for the new markets tax credit (NMTC) incentive and a restoration of the renewable energy investment tax credit (ITC). Biden, a former U.S. senator and vice president, promised to make the NMTC permanent and expand its annual allocation from $3.5 billion to $5 billion, to restore the ITC (which is phasing down to 10 percent), to reinstate tax credits for residential energy efficiency and to allocate tax credits for companies to develop low-carbon manufacturing. Biden also proposes a $6 billion, three-year manufacturing communities tax credit, which was proposed when he was vice president under Barack Obama. Biden’s plan also calls for creation of a $10 billion Cities Revitalization Fund, coordinated through the U.S. Department of Housing and Urban Development to fund revitalization projects in distressed cities such as redeveloping post-industrial waterfronts, energizing main street business districts, rehabbing public markets and building new green public spaces. The infrastructure plan included a pledge to release additional policies related to housing in the weeks ahead.